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<br />Benefits Comparison - Retirement <br />Analysis <br /> <br />An ICMA 401 a defined contribution retirement plan is offered by four of the seven <br />benchmark cities with three of the four requiring an employee contribution. The average <br />employee contribution percentage is 7.75%. The average employer contribution is <br />14.18%. <br /> <br />SIB primarily offers the FRS retirement plan for all new employees, however, designated <br />FRS senior management service employees may opt-out of the FRS for the ICMA 401a <br />plan which is maintained for those employees who elected to not join the FRS when it <br />was first implemented in late 2002. The SIB non-management employee contribution <br />percentage is 4%; management contributes 6%. The City's contribution is 11 %. <br /> <br />An "in-house' pension plan is offered by three of the benchmark cities which all require <br />employee contribution. The average employee contribution is 5.67%. Employers <br />contribution varies based on an amount to make the plan financially sound. <br /> <br />All cities except one treat sworn employees differently than the rest of the employees. <br />SIB offers the FRS which is the same plan as for all employees except that the factor <br />percentage used by FRS in calculating pensions is different (3% for special risk vs 1.5% <br />for regular employees and 2% for senior management service employees). <br /> <br />Average Employee/Employer Contribution SIB <br />for Benchmark Cities <br /> <br />Employee <br />Employer <br /> <br />6.86% <br />13.3% <br /> <br />Employee w/ICMA 401a <br />Employer <br /> <br />4% <br />11% <br /> <br />Exempt/Dept Hd <br />Employer <br /> <br />6% <br />12% <br /> <br />Exempt/Dept Hd w/ICMA 401a 6% <br />Employer 11 % <br /> <br />Employee w/FRS <br />Employer <br />Regular Class <br />Sf. Mgmt Class <br />Special Risk <br /> <br />0% <br /> <br />9.85% <br />13.12% <br />20.92% <br />